Bitcoin (BTC) Gets Contracted by 2.61% Over the Last 24 Hours

• BTC loses 2.61% overnight to be placed at $8600
• It may soon touch a resistance point at $9000
• Investors need to be ready to tackle a certain degree of price volatility in the coming days

Bitcoin has failed to step into this new week on a healthy foot. There has been a 2.61% decline in the value over the last 24 hours that pulled the price to $8600. Any quick improvement may not happen shortly.

Bitcoin Price Analysis

Yesterday, BTC was being traded at $8901 at the starting of the day, and over the first 2 hours, it managed a strengthening of 3.02% to touch $9169.99, the highest for the day. It was followed by a price decline. This swing dropped the value by 7.40% and pulled the Bitcoin price to the lowest point of the day at $8490 by 11:04 UTC. However, it didn’t stay at this low value for long and managed an improvement by 00:20 UTC. The last swing was a marginal upsurge of 2.57% that took the value to as high as $8708.

Bitcoin’s market cap on January 19 was 158.194 billion USD, and over the last 24 hours, it has been drowned to 157.764 billion USD. Bitcoin’s current price at $8668.15 has been trading below its 50 days MA ($8668.87) and 20 days MA ($8672.25). As per the current placement of shorter span moving averages, the currency may not witness any unprecedented hike in the coming days. However, steady growth may take the price to the next resistance point of $9040.38. The chances of a volatile path ahead can’t be averted altogether. Also check out our Bitcoin forecast today to know the possible price levels for the near future.